Bitcoin seems to be the new fad for crypto-currency, but – is Bitcoin a scam? I took a small dive into the Bitcoin world to find the answer for myself.
Bitcoin is a digital currency that enables payments to anyone. Their site says it works anywhere, anytime. Bitcoin is claimed to be a “new” type of money. It is open-source, public, and no one owns or controls it.
Bitcoin claims fast peer-to-peer transactions, worldwide payments, and low processing fees. You can sign up for free and choose your wallet (there is an open plan and a paid plan).
Next, you get bitcoin by “accepting” it as payment, and then you can spend it. The process seems easy enough to get started. However, if you are thinking about joining Bitcoin, there are some things you NEED to know first.
Bitcoin claims that their wallet is secure IF you use it correctly. They state that it is your responsibility to adopt good practices. If you are thinking of starting with Bitcoin as a new user – I highly recommend reading more about what you need to do to keep your wallet secure.
Bitcoin Prices can Change.
Since Bitcoin is still “young,” the price of Bitcoin can unpredictably increase or decrease. Bitcoin states they are a high-risk asset. They do not advise storing money on Bitcoin if you cannot afford to lose it.
Additionally, you should not keep savings with Bitcoin.
Bitcoin Payments are Irreversible
Bitcoin states that you should only make transactions with people you know and trust, or have an established reputation.
The transaction can only be refunded by the person receiving the Bitcoins.
That being said, not all transactions start that way. Instead, all transactions start with a “confirmation” score. It can take a few seconds to 90 minutes to get the confirmation.
A score of 0 is considered an “unconfirmed” transaction and is not secure. A score of 1 is somewhat reliable if you have the free account, but claims to be safest if you have a paid account.
Bitcoin is Public
All transactions are stored publicly and permanently on the network. Anyone can see the balance of transactions for any Bitcoin address.
The little effort Bitcoin provides to protect your identity, is the user remains unknown until information is revealed through a transaction (or other circumstances).
I do not know what the other circumstances are.
Bitcoin is still in the Experimental Phase.
This currency is in active development. This means that you can run into a lot of issues like increased fees, slower confirmations, or even more severe problems.
Since it is still experimental, it is safe to say that you will (and should) expect problems to happen if you have an account.
Is Bitcoin a Scam?
No, Bitcoin is not a scam, but it is something that should be taken seriously. If you are interested in learning about Bitcoin – you can go to their site directly for more information. I recommend learning how to trade and invest on your own.
Current Bitcoin Scam
Do not hire an account manager to help you invest with Bitcoin unless it is someone you know personally and can trust. There are TONS of scammers online (especially on FaceBook) who claim to be an account manager.
You need to give that account manager access to your account and information. They may even offer to pay for your first investment if you can’t afford it. You will get a payment made to you – but it was a MISTAKE! You MUST return the money IMMEDIATELY!
All of your personal and sensitive information will be used against you if you do not return their money immediately. They will try and make you feel bad because that profit was meant to go to someone else. They promise if you return it – your profit will be much higher.
They will do or say anything they can to get you to return the money immediately. Why? Because they know the cash will get returned. It will not go through. If you pay them the money back, you will be in debt for the amount you paid.
Please be careful and do not give out your personal information. If it sounds too good to be true, it usually is.
Please do me ONE favor.
If this has helped you, please like, comment, and share! I am all about sharing helpful information that can benefit everyone. Let’s spread the knowledge around!